Cheap petrol: Not a chance! Supermarkets raise fuel prices every day

29 May, 2018, 18:49 | Author: Sally Reid
  • Reuters image

India's financial hub Mumbai saw hike of 15 paise in diesel price and is now selling at new price of Rs 73.79 per litre as against Rs 73.64 per litre of previous day.

Across all forecourts, the average was even higher with prices rising by almost 8.5p a litre.

Fuel prices in the country continue to touch yet another peak for the 16th consecutive day, as petrol is being sold at ₹ 78.43 per litre in Delhi while Mumbai retails it at ₹ 86.24 per litre. It is possible to cut up to Rs 25 per litre, but the government will not. The revised prices came into effect at 6 am today.

If this was the case, diesel prices could further reduce by Rs 3.75 a litre and petrol prices by Rs 5.75 per litre, it said.

The prices went up by around 15 paise; rates in metro cities now are Rs 78.43 (Delhi), Rs 81.

Last week, after a weekly meeting of the Union Cabinet Law Minister Ravi Shankar Prasad had stated that the government is working on a long-term solution to address the volatility and frequent revisions in rates.

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Global crude oil prices had risen in the period, while the rupee fell against the United States dollar - both factors make the fuels costlier.

Whether deliberate or not, oil marketing companies had suspended the dynamic fuel pricing system at the start of the month, only to resume it two days after the Karnataka election concluded on May 12.

"The Petroleum and Natural Gas Ministry has given an in-principle nod to launch petrol and diesel futures contracts and we are hoping that Sebi will give final approval in this regard soon", ICEX Managing Director and Chief Executive Officer Sanjit Prasad told PTI. Whereas, Mumbai and Chennai saw the most hikes - by as much as Rs 3.59 per litre and Rs 3.62 per litre respectively. State sales tax or VAT varies from state to state.

Mr Faughnan said 90c of the cost of a litre of motor fuel was made up of Government taxes.

On the other hand, if the Centre cuts the excise by Re 1, the loss of revenue will be to the tune of Rs 10,725 crore for every Re 1 cut in central excise and the amount will become twice if it cuts the excise duty by Rs 2.

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